Reference no: EM131822725
EBS's financial statements for 2013/2014 include the following:
EBS Statement of profit or loss and other comprehensive income for the year ended 30 June 2014
Revenue 2,610
Cost of sales (vi),(viii) (890)
Gross Profit 1,720
Administrative expenses (180)
Distribution costs (125)
Profit from operations 1,415
Finance cost (57)
Profit before tax 1,358
Income tax expense (160)
Profit for the period 1,198
Other comprehensive income - items that will
not be reclassified subsequently to profit or loss
Revaluation gain on properties (ii) 345
1,543
EBS Statements of financial position at 30 June 2014 2013
Note $000 $000 $000 $000
Non-current assets
Property, plant and equipment (i),(ii),(iii) 5,200 4,890
Deferred development expenditure (vi) 184 76
Brand name (vi) 45 5,429 60 5,026
Current assets
Inventories 130 105
Trade receivables 273 189
Cash and cash equivalents 169 572 210
Total Assets
504
6,001
Equity and liabilities
5,530
Equity
Equity shares (vii) 2,200 1,800
Share premium (vii) 580 400
Revaluation reserve (ii) 345 0
Retained earnings 2,006 1,420
Total equity 5,131 3,620
Non-current liabilities
Long term loans 0 1,435
Deferred tax 196 110
Preferred shares (vii) 300 496 0 1,545
Current liabilities (iv) 374
Total equity and liabilities
365
6,001 5,530
Additional information:
(i) Non-current assets - property, plant and equipment, balances at 30 June were:
2014 2013
Cost or valuation: $000 $000
Property 3,825 3,900
Plant 3,000 2,850
Equipment 1,235 1,120
8,060 7,870
Depreciation:
Property 45 420
Plant 2,000 1,700
Equipment 815 860
2,860 2,980
Net book value 5,200 4,890
Financial Operations 15 September 2014
(ii) On 1 July 2013 property was revalued to $3,825,000. At that time the average remaining life of property was 85 years. Property is depreciated on a straight line basis.
(iii) Equipment with a carrying value of $60,000 (original cost $210,000) was sold during the year for $25,000. Any gain/loss on disposal of property, plant and equipment is included in profit or loss.
(iv) Current liabilities: